Estimates throughout 2019 predicted a better than expected outcome for the end-of-year results. The final tally of CHF3.1 billion ($3.1 billion) far exceeds what was budgeted, which was CHF1.2 billion.
The improvement was due in equal measure to higher receiptsExternal link and lower expenditures. Receipts were up 0.9 billion, or 1.2% – largely from withholding tax and direct federal tax. However, Value Added Tax revenues remained below expectations, which the government attributes to the fact that nominal economic growth in 2019 lagged well behind the budget forecast.
The government tends to err on the conservative side when it comes to budget forecasts. Since 2007, only the 2014 financial year ended with a slightly lower result than budgeted. Last year, the budget surplus was CHF 2.9 billion instead of the CHF300 million budgeted. In 2017, the planned shortfall of CHF250 million turned into a surplus of CHF2.8 billion.
External Content
More
More
Swiss economy tipped to remain stagnant next year
This content was published on
A government expert group concluded that economic growth would rise only 0.9% this year, 1.7% in 2020 and 1.2% in 2021. However, much of the expected growth next year will be generated by one-off sporting events, including the Summer Olympics in Tokyo. In its quarterly forecast, the group predicted a slow-down in construction activity and…
High-net-worth individuals prioritise well-being over material possessions
This content was published on
The priorities of wealthy private individuals have shifted against the backdrop of ongoing geopolitical tensions and trade disputes. While spending on luxury goods is declining, demand for travel and experiences is unabated.
Swiss researchers sequence genome of 1918 Spanish flu virus
This content was published on
Researchers from the Universities of Basel and Zurich (UZH) have sequenced the genome of the Spanish flu virus, thanks to a sample taken from an 18-year-old Swiss boy who died in the city on the Limmat in 1918, when the pandemic spread around the world.
Swiss martyr beatified in Barcelona by Catholic Church
This content was published on
François-Benjamin May (1870-1909), a member of the Marist Brothers congregation, has been recognised as a 'blessed' by the Catholic Church.
Prevention and tech could help save billions on Swiss healthcare costs, says Deloitte
This content was published on
By focusing on prevention and technology, it would be possible to reduce Switzerland's healthcare bill by CHF30 billion a year by 2040, according to Deloitte Switzerland.
Environment director warns of increasing climate-related risks in Switzerland
This content was published on
The director of the Swiss Federal Office for the Environment (FOEN) has warned of increasing climate-related risks in Switzerland in an interview with SonntagsBlick on Sunday.
Gotthard traffic queue hits 11km at start of holiday season
This content was published on
The start of the summer holidays saw a long traffic jam in front of the Gotthard tunnel on Saturday. Traffic jams between Erstfeld and Göschenen in canton Uri were up to 11 kilometres long early in the morning.
This content was published on
The State Secretariat for Economic Affairs (SECO) says that Switzerland is currently experiencing an “increasingly broad-based upswing”.
Swiss government predicts moderate economic growth in 2019
This content was published on
The State Secretariat for Economic Affairs (SECO) is expecting the Swiss economy to grow moderately by +1.2% in 2019, it said on Thursday.
Switzerland’s growth hampered by trade tensions, economic slowdown
This content was published on
The Organisation for Economic Co-operation and Development (OECD) has revised its growth forecasts downwards for Switzerland. It also recommended Switzerland raise its retirement age. Swiss GDP is expected to grow by 0.8% this year and by 1.4% in 2020, according to an OECD report published on Monday. Previously, Swiss economic growth had been projected at…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.